MeritValue

GETTY REALTY CORP /MD/

GTYdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

GETTY REALTY CORP /MD/ earns about 8% on equity, below its ~9% cost of capital, but has diluted owners by 26% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $13.04 and $116.7 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$155.4M1$165.6M2$185.8M3$203.4M3$221.7M3
Net income$62.9M4$90M5$60.2M6$71.1M6$79.2M6
Operating cash flow$86.8M7$93.1M8$105.3M9$130.5M9$127.4M9
Capital expenditure$271,00010—$309,00011$878,00011$429,00011
Free cash flow (derived)$86.5M7—$105M9$129.6M9$127M9
Total debt$581.1M12$691.5M13$754.7M14$904.3M15$995M15
Cash & equivalents$24.7M16$8.71M17$3.31M18$9.48M19$8.36M19
Diluted shares44.8M46.8M50.2M54.6M56.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$189.9
your share of equity
Profit it earned you last year
$14.03
Free cash flow it threw off
$22.5
Debt you’d be carrying
$176.23

10 shares is a claim on $189.9 of net worth that earned you $14.03 and generated $22.5 of cash last year, against $176.23 of debt.

iii. Is this a good business?
Moat signal · return on equity
8% avg · 5y
FY21 8%FY22 12%FY23 6%FY24 7%FY25 7%

It earned about 8% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+26% shares · 5y

Share count is up 26% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 71% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $13.04 and $116.7 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$116.7
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$127M
DCF · Growth Exit 5Y
$55.87
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$127M
Earnings Power Value
$13.04
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$71.1M
  • growthAssumed0.0%
Graham Number
$24.02
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $55.87
The three cases
Bear0.0%$14.67
Base20.0%$55.87
Bull20.0%$55.87

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-015982 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-019976 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-048965 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-015982 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-019976 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-048965 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-015982 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-019976 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-048965 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-015982 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2023-12-31 · accession 0001193125-26-048965 (PaymentsForCapitalImprovements)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-004172 (LongTermDebt)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-015982 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-019976 (LongTermDebt)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-048965 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-23-004172 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-015982 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000950170-25-019976 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001193125-26-048965 (CashAndCashEquivalentsAtCarryingValue)